Evolon Technology, a software startup based in Dallas, has announced the closing of its Series A funding round at $16 million to continue turning surveillance video into actionable data.
The startup plans to invest the new funds in the expansion of its workforce, boosting its research and software technology product development efforts, sales and marketing initiatives, launching of new products, and the acceleration of its growth in the software industry.
The startup’s software and analytics solutions provide smart device functionality to traditional video security cameras and systems by removing nuisance alerts, increasing security and performance in the process. Evolon’s award-winning edge-based video analytics and AI solutions, Situational Intelligence®, also provide real-time situational intelligence for commercial and government organizations aiming to improve security effectiveness and reduce the potential for loss caused by criminal activity or business downtime.
According to several reports, the demand for security camera installations is rapidly increasing across the world, with as many as one billion security cameras being expected to be installed by the end of 2021. Kevin Stadler, CEO at Evolon, referred to this trend by stating:
“The avalanche of video security data in the coming years will drive the need for much better threat detection, nuisance alert reduction, and accurate object classification. Market and technology trends are creating a perfect storm for rapid adoption of innovative and disruptive security solutions. Evolon is uniquely positioned to lead these advancements. This infusion of new capital will accelerate our ability to deliver better, faster, and cheaper security solutions.”
The software startup was founded by a team of engineers and scientists who previously worked at the Los Alamos National Laboratory in the U.S. Department of Energy. Since then, It has developed highly accurate perimeter surveillance software technology to protect critical infrastructure by facilitating monitoring from a central station.
With the demand for security solutions continuing to increase around the world, harvesting the power of new technologies to improve threat detection and diminish false positives has continued to be a priority for companies in the industry. Evolon hopes to become a favorite among commercial and government organizations by allowing them to improve the efficacy of their legacy systems.